Ervin Ahbabovic was a soldier and is currently a successful serial entrepreneur. He has a wealth of entrepreneurship experience and wishes to share them with our readers.
This is why he has written an entrepreneurship guide for entrepreneurs to diversify and earn more money.
As an entrepreneur, Ervin’s entrepreneurship guide will be useful for you, especially if you want to earn more. This guide is also for those who sell only one product or only offer one service.
According to Ervin Ahbabovic, an entrepreneur is good at what they do, however, they don’t make much money. The problem sometimes lies in their business operations or they focus on only one product. This can limit their revenue generation.
So if you are an entrepreneur, follow Ervin’s diversification tips.
Diversification Tips
Let Your Business Provide Solutions to Problems
While it’s good to focus on making money, you should also think of why you want to do the business. A business that provides services or products that solve a particular problem will make money at the same time. This is because people in the area will patronize that business when they have a problem. Therefore, you are killing three stones at the same time. That is, you provide solutions to their problem, you attract more customers, and you get more money. Hence, if you have a business, think of other products or services you can offer to solve a real-life problem. It will also give you an edge over your competitors. Another thing is that you should offer products and services that are not common but are needed. Set up a shop in an area that has much leg traffic to attract more customers.
Get On the Trend Train
If you notice that a particular product or service is gaining traction in your community, you may offer them. You can add the product to other products your business offers your customers. This means you are producing more than one product and diversifying your revenue. However, be careful when it comes to offering trending products or services. If a product or service becomes successful, other businesses within your area will start to offer them. This will oversaturate the product or service you offer and limit your customers’ patronage. In addition, you’d have to compete with many competitors that sell the same product or services.
Develop A New Skill and Diversify Your Skills
It’s one thing to have a passion for something, and another to have skills in other areas. This means that while you have a passion for something, you might be skilled/trained in other sectors. For example, a trained doctor who has a passion for writing. How can he diversify his income? He can open a medical center and also write medical or health-related articles for a fee.
Another example is a journalist who has a passion for law. He is a good writer, has experience in publishing, and loves the legal sector. The journalist opened a media house and also offers services like publishing legal newsletters. He used his skills (publishing and writing) to turn his passion (law) into a diverse business. This has already given him an edge over his competitors who only operate a media house.
Establish A Second Business
Find a way to broaden your business operations. You can open another business where you sell a different product or offer a different service. You may even have a freelance business where you only spend a few hours working for clients. Create a strategy and carefully plan how to establish and successfully operate your second business. You’d be surprised by how much you’ll make at the end of the day.
Be Debt Free
This is very important, and lots of people don’t understand this. When you have lots of unpaid debts, interests will increase and accumulate over time. So even if you make money from your business, you’ll spend it trying to pay your debt. If your debt is huge, try to pay it at once, if possible. Spreading your debt payments for months or years increases the interest. Moreover, you’d be stuck trying to pay the debt and the increasing interests. You may also pay the debt thrice or twice if you can’t afford a one-time payment. Once you clear your debt at once, you won’t need to pay extra charges as interest. You’ll also use the money you’d have paid for interests to do something else
Conclusion
From Ervin’s tips above, you can see that it’s a good move to diversify your business operations. Not only does it benefit your business by attracting more customers, but you also get to make more money. It also protects the business owner from any future financial problems.
To cap it all, read through the tips given by Ervin Ahbabovic and make the most of them.
